This program is designed for credit-worthy low-to-moderate income borrowers, with expanded-eligibility for financing homes designed in bw-income, minority, and disaster-impacted communities.
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Credit score: | 620 |
Property type: | SFR, Condo, PUD, Manufactured homes |
Occupancy: | Primary residence |
Down Payment: | No minimum borrower contributions (2 Unit) |
Loan to Value: | 85% Max. CLTV: 85%* w/ eligible community seconds |
Gift Funds | Allowed. No minimum buyer contribution required. |
Closing cost: | Seller and/or lender can pay up to 6% |
Debt Ratio: | 45% with compensating factors up to 50% |
Income Limits: | Income Limits Apply |
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Additional Notes:
- Condos must be Fannie Mae approved
- Lender-Paid Closing Cost program available
- Impounds are optional at 20% down or higher
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs (standard)
- First time buyer not required. Must be primary residence
- Boarder income and accessory unit allowed
- 100% gift for closing funds allowed
- Mortgage reserves are required based on AUS results
- Non-occupant borrowers allowed
- Gifts, grants, community seconds, cash-on-hand
This page contains program highlights only. See sidebar links for further information and details.